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MBIA Posts $2.4 Billion Loss; Shares Rise Anyway 

May 12, 2008By

Proving that bad news can be good news, MBIA Inc. [stock MBI][/stock] saw investors reward it for posting better-than-expected results during the first quarter — although the results weren’t exactly the sort of thing to cheer over. The troubled bond insurer said that it lost $2.4 billion, or $13.03/share, during the first three months of 2008, primarily due to $3.6 billion in unrealized losses on credit default swaps.

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